Annual inflation increased to 3.9% in January 2024, up from 3.5% in December 2023. Inflation was driven by Transport and Food & Non-Alcoholic Beverages goup indices. The Food and Non-alcoholic Beverages group remains the largest contributor, with 5.9% annual inflation. The core inflation rate (inflation excluding administered prices) decreased to 4.1% in January 2024 from 4.4% from in December 2023. The outlook for inflation suggests that it will remain within the Bank of Botswana objective range of 3-6% in the medium-term.